Please check out this document on basement insulation systems. It's excellent.
I would not recommend using steel studs in the basement. If you really want to use them, limit their use to interior walls.
I'm just finishing up my basement insulation which was installed like this:
1) 1" R5 rigid foam glued/screwed/spray foamed to the concrete (chipped the form ridges off first to get best possible contact)
2) 2x4 SPF studs spaces 2.5" from the foam to allow for R20 batt fibreglass (foam gasket between the bottom plate and floor)
3) R20 fibreglass batt insulation
4) No vapour barrier as the rigid foam serves as a "thermal break" and adding vapour barrier would cause a "double vapour barrier" issue
Happy New Year